Pinellas County homeowners have until Monday at 11:59 p.m. to apply for the Homestead Exemption, which can reduce the taxable value of their homes by up to $50,000.
The assessed value of a home—used for tax purposes—is set by local governments and is often lower than the market value (the price the home would sell for). For example, if your home’s market value is $500,000, the assessed value might be $450,000 after applying the exemption.
But the biggest financial benefit comes from the Save Our Homes Cap, says Pinellas County Property Appraiser Mike Twitty.
“If you qualify for the 2025 Homestead Exemption, then in 2026, your assessed value cannot increase by more than 3% or the Consumer Price Index (CPI), whichever is lower,” Twitty explains. “Since market values usually rise faster than assessed values, this protection can save homeowners hundreds of thousands of dollars over time.”
In other words, while your home’s market value may rise significantly, the assessed value—used to calculate property taxes—can only increase by a maximum of 3% per year. Over time, the difference between the two values grows, creating substantial tax savings.
Who Qualifies?
To be eligible for the Homestead Exemption, you must:
- Be a Florida resident
- Have a legal right to the property
- Use the home as your primary residence as of January 1
Don’t miss the deadline—filing on time could lead to big savings on your property taxes!
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(Image credit: Pinellas County Property Appraiser)
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